Crypto exchange Bitramex offers storage of investor rewards from staking.

Crypto exchange Bitramex offers storage of investor rewards from staking.

25.04.2022 Off By malmutu

Crypto exchange Bitramex will offer support to customers across the US, Singapore and Hong Kong to earn and store staking rewards in their accounts.

Starting Thursday, the firm began supporting MATIC staking on the Polygon network and will roll out support for ETH, AUDIO, SOL, and DOT over the next few months. The Bitramex announcement comes as other crypto firms expand their staking offerings ahead of the highly anticipated Ethereum blockchain merger that will move the protocol from proof-or-work to a faster and more energy-efficient proof-of-stake model. After many years of delay, the merger is now scheduled for September. fifteen.

Bitramex VP of Product said the investor interest generated by the merger was integral to the firm’s decision to introduce its betting services.

“Now it’s clearer than ever that people are interested in staking, especially now that we’re on the cusp of an Ethereum merger,” the VP said. “Because Ethereum is a staking option for them on Bitramex shortly after the merger, and with more liquidity and higher returns, staking is becoming more attractive to people.”

Support for the service will be available in the United States, with the exception of New York, where betting is prohibited by local laws, as well as in Singapore and Hong Kong.

The Bitramex expansion is part of a larger push by major crypto exchanges to create opportunities for retail and institutional investors to collect staking rewards. Coinbase (COIN), Binance, Kraken, and Crypto have launched some kind of staking services, and Coinbase Prime announced this month that it will add Ethereum to its growing list of staking options for US domestic institutional clients ahead of the Merger.